SHAH ALAM: The Selangor state government is providing the necessary support it could to encourage the growth of technopreneurship in the state and it has a ready ally in I-Bhd.

The state last week proposed to set up a RM50 million fund through Selangor State Development Corporation (PKNS) for investment in technology companies to help grow their businesses through an incubation programme at I-Bhd’s i-City.

The incubation programme would be jointly managed by PKNS and i-City, said Selangor Menteri Besar Tan Sri Khalid Ibrahim at a media briefing to announce the collaboration last Thursday.

He said in the first half of this year, 10 to 15 technology-related companies would be identified for the programme while in the second half, the programme may consider nurturing 20 to 30 aspiring technopreneurs.

This effort was in line with the state’s pursuit of an effective transformation to become a knowledge-based economy, he said.

“We would work hard to realise the vision for Selangor to becoming a knowledge-based economy as opposed to being totally dependent on the manufacturing sector,” said Khalid.

Meanwhile, I-Bhd CEO Eu Hong Chew said this programme would succeed as the state believed in the ability of local technopreneurs to grow and contribute to the economic development of the state.

Commenting on the disbursement of fund, he said: “Once we identify one or two innovations coming from a company, we will get venture capitalists and the state representatives to deliberate on the release of funding to the company.”

Eu said the state would not be the sole investor in companies under the programme, adding that negotiations were ongoing for the participation of US-based Plug and PlayTech Centre, an investor and incubator of start-up companies.

“We are at the final stages of discussion with Plug and PlayTech Center of the Silicon Valley to provide investment and incubation expertise as well as to be a bridge for these technopreneurs to the US market,” Khalid added.

He said details company selection process would be announced after PKNS, i-City and Plug and PlayTech Center finalised their collaboration. The programme’s investment model would be finalised by March, he added.


This article appeared in The Edge Financial Daily, March 1, 2010.